The complete manual you’ve been looking for: how to make easy money from the Ethereum fork

After the September 15 fork, Ethereum holders will theoretically receive new ETH_PoW (ETHP) tokens. In case you don’t understand what we’re talking about, we wrote about it in detail here. What should you do in order not to miss this opportunity (as you usually do) and earn free money?

Here’s a 7-step manual on the things you should do to take full advantage of a merger. The text below is based on this thread (where you can find many helpful comments that were not included in this text). We’ve adapted the original hints from there so that they are more understandable for newcomers.

Enjoy!

 

Ready-made manual

 

1. To get ETH PoW tokens, you must first keep ETH in a wallet that supports this fork

This is the most important point. There are two ways to do it right — advanced and simple.

Ideally, your ETH should be stored entirely in a hardware wallet or in a wallet you control (to which you have a recovery phrase). After the fork, you will need to take additional steps to access the new tokens (if you know how). This option is for the more experienced user; we won’t dwell on the details here.

But we suggest the second — the easier way. Before the fork, in the coming days, put your Ethereum on any of the following exchanges: Binance, Poloniex, Bitmex and Huobi. These exchanges have guaranteed in advance that they will give you new tokens after the fork, doing all the dirty work for you themselves.

If you hold ETH on any other exchange, your exchange may or may not give you fork tokens (there is a risk here).

 

2. Transfer all your tokens back to ETH mainnet

You won’t get any ETH_PoW for your ETH stored on Optimism, Arbitrum, Polygon, Avalanche, or any other second-level scaling solution. Transfer them back to mainnet before the merge to get ETH PoW tokens.

 

3. Unwrap all WETH in ETH

Just unwrap your wrapped token before merging. If you don’t know what this is about, it probably doesn’t concern you (you can read about wrapped tokens in this article of ours).

The below paragraphs are intended for more experienced users, and note that many of them end with the keyword “Oops”, which means that things can go quite differently than originally expected.

 

4. Get liquidity back from DeFi protocols

You probably won’t get ETH_PoW tokens for ETH that are in any form in DeFi. So get them out immediately!

By the way, if you thought this was a good idea, be advised — there may be a liquidity deficit on DeFi protocols as more and more people do it at the same time. Oops!

 

5. Borrow ETH from Aave/Compound

You’ll get ETH_PoW for any ETH stored during the snapshot. This means that it makes sense to borrow as much ETH as you can (if you are able!). Combined with the previous step, we expect ETH usage to approach 100% in the coming days. And once again, oops!

 

6. Monitoring the stETH/ETH market

You can either buy or sell stETH as you approach the merger, depending on what others are doing.

But you can act on the opposite! For example, you can expect many people to sell stETH in ETH to get a PoW airdrop, and then you can just buy stETH at a good discount.

 

7. Buy on the rumor, sell on the fact

Perhaps speculating on ETH_PoW is not worth the time invested for you. In other words, no one knows how the merger will go — for example, it is possible that the price of ETH will fall heavily in case of technical problems, and then even selling new free tokens will leave you at a loss from the original entry price of Ethereum. Think twice about this option before you start this game.

So act on your own risk and fear, realizing that there are no guaranteed ways to make money in this world!